Cairo – Mubasher: The board of directors of Six of October Development and Investment (SODIC) approved the appointment of EFG Hermes and an international investment bank as financial advisors to study the preliminary acquisition offer submitted by an alliance led by Aldar Properties.

The financial advisors will negotiate the offer and help the company find other strategic opportunities, SODIC said in a bourse disclosure on Thursday.

The alliance submitted an offer on 13 March to acquire a minimum of 51% of SODIC’s issued capital at an indicative purchase price ranging from EGP 18 to EGP 19 per share. 

During 2020, SODIC reported consolidated net profits of EGP 819.65 million, up from EGP 719.4 million in 2019.